Required information (The following information applies to the questions displayed below.) This year, Sooner Company reports a deficit in current E&P of ($310,000). Its accumulated E&P at the beginning of the year was $204,000. Sooner distributed $408,000 to its sole shareholder, Boomer Wells, on June 30 of this year. Boomer's tax basis in his Sooner stock before the distribution is $86,500. (Leave no answer blank. Enter zero if applicable. Negative amount should be indicated by a minus sign.) c. What is Sooner's balance in accumulated E&P on the first day of next year? Answer is complete but not entirely correct. Balance in accumulated E&P at the beginning of next year $ (261,000)